The Hang Seng Index rose more than 600 points in half a day, surpassing the 27,000 mark. ATM contributed to the rising market, while Zhipu fell more than 20%｜Hong Kong stock market opens

The Hang Seng Index opened 385 points higher this morning and the upward momentum continued strongly, reaching a maximum increase of 743 points, peaking at 27,156 points. However, it began to decline around 11 o'clock, closing at 27,017 points at noon, up 604 points or 2.29%, barely holding above the 27,000 mark. With the absence of northbound capital, the half-day turnover reached HKD 106.4 billion. As for the Tech Index, it reported 5,384 points at noon, up 173 points or 3.32%. Among the heavyweight blue-chip stocks, "ATM" became the three major contributors to the market rise, with Alibaba (9988) and Tencent (700) both rising over 3%, and Meituan (3690) surging nearly 7%. These three stocks have driven the Hang Seng Index up by X points. Analysts believe that after a round of adjustments, the valuation pressure on tech stocks has decreased, and with the acceleration of AI applications, stock prices are expected to rebound. Gold-related stocks rise, Zijin up 5% However, some AI large model-related stocks that were previously hot have shown significant pullbacks, with Zhipu (2513) plummeting over 23% in half a day; MINIMAX (100) also fell over 10%; another new stock, Haizhi (2706), dropped 18%. In other blue-chip stocks, besides Meituan, Zijin (2899) and SMIC (981) rose 5.3% and 4.5% respectively, making them among the best-performing blue chips. On the news front, gold prices have surpassed the USD 5,100 mark, stimulating several gold-related stocks to rise, including Chifeng Jilong Gold Mining (6693) up over 8%, Zijin Mining International (2259) up nearly 7%; China Silver Group (815) up 6.5%; and Zhaojin Mining Industry (1818) up 5.8%. ———— After the U.S. Supreme Court ruled that President Trump's tariff policy was illegal, Trump retaliated over the weekend, stating that the previously announced 10% global tariff would be raised to 15%. Analysts believe that the tariff-related news brings positive signals to Hong Kong stocks, with the Hang Seng Index expected to test 27,300 points; however, it is also suggested that the related impact may be short-lived, and the market trend still needs to wait for the resumption of trading after the mainland's Spring Festival holiday tomorrow (Tuesday) and the return of northbound capital. However, due to the lack of strong upward momentum in A-shares, it is expected that the Shanghai Composite Index will fluctuate between 4,000 and 4,200 points in the short term. Risk aversion drives gold and silver prices up The situation between the U.S. and Iran remains tense, coupled with renewed trade tensions, driving risk aversion and pushing gold and silver prices up. Spot gold prices rose over 1% this morning to USD 5,171, while spot silver prices rose over 3% to USD 87.29. In the Hong Kong stock market, the Hang Seng Index opened 385 points higher, reporting 26,798 points. Tech stocks performed well at the market opening, with Alibaba (9988) announcing that its Alibaba Cloud Coding Plan subscription service has added support for the latest generation models Qwen3.5-Plus, Qwen3-Coder-Next, GLM-4.7, and Kimi-K2.5, a total of four top programming models; the stock opened at HKD 150.1, rising over 2%. Tencent (700) rose 1.3%; Meituan (3690) rose 3%; JD.com (9618) rose over 2%; Baidu (9888) rose 0.9%; Xiaomi (1810) also rose by 1.4%. Zhipu's GLM Coding Plan Apology Letter In individual stock news, Zhipu (2513) issued an apology letter for its GLM Coding Plan last Saturday (21st), stating that the revision made three mistakes: insufficient rule transparency, the GLM-5 grayscale rhythm being too slow, and a rough design for the upgrade mechanism for old users. The company also indicated that after the release of GLM-5, traffic exceeded expectations, and it could not gradually open access in the order of Max, Pro, and Lite. For affected Lite and Pro users, self-application for refunds will be supported. The stock opened at 625 HKD, down over 13%. Competitor MINIMAX (100) also fell by 10%, trading at 873 HKD. Pop Mart Launches New IP "Merodi After School" In addition, Pop Mart (9992) will launch a new IP "Merodi After School." It is reported that the price for a single blind box in this series is 69 RMB, while the price for a full box is 828 RMB. The online sale time is set for February 26 at 22:00, and the offline sale time is February 27. The stock opened at 247 HKD, up 1%. Fantasia's Offshore Debt Restructuring Gains Creditor Support Domestic property company Fantasia (1777) announced that its offshore debt restructuring plan meeting has received the support of the legally required majority of plan creditors, approving both the Hong Kong and Cayman plans. A total of 1,397 creditors (holding 6.077 billion USD in claims) voted in favor of each plan, accounting for 99.67% of the total votes. The stock opened at 0.083 HKD, with no change. Huang Deji: The Primary Support Level for the Hang Seng Index is 26,300 Huang Deji, Executive Director of the Research Department at Yingli Securities, believes that the Trump administration had long anticipated that the court would reject the original tariff measures and had prepared alternative plans in advance. This policy adjustment is within market expectations, so its positive impact on Hong Kong stocks is limited, and the short-term effect is likely to be temporary. The future trend will depend more on the impact of the A-shares reopening after the Spring Festival, with the current key support level for the Hang Seng Index being 26,300 points. Wu Lixian: Hong Kong Stocks are Still in an Adjustment Wave Wu Lixian, a securities strategist at Everbright Securities International, believes that the 15% global tariff implemented by Trump only brings a short-term boost to market sentiment and lacks substantial positive support. Hong Kong stocks are still in an adjustment wave, and this news alone is insufficient to reverse the overall trend. He also pointed out that A-shares currently lack strong upward momentum, predicting that the Shanghai Composite Index will operate in the range of 4,000 to 4,200 points in the short term, with a more evident upward trend possibly waiting for news catalysts before the March Two Sessions. Zeng Yongjian: High Probability of A-shares Opening in the Red After Resumption Zeng Yongjian, Vice Chairman of the Stock Analysts Association, is relatively optimistic about the market outlook. He believes that Trump has "not lost" in the U.S. Supreme Court's ruling, but compared to his previous proposed tariff levels, the actual implemented tax rate has been lowered, which is beneficial for countries affected by global trade tariffs. He expects a high probability of A-shares opening in the red after resumption, further bringing capital support to Hong Kong stocks, with the Hang Seng Index likely testing 27,300 points in the short term Regarding the recent downturn in Hong Kong stocks, Huang Deji added that market concerns about the development of artificial intelligence are spreading from the software and platform economy sectors to the hardware sector, becoming an important reason for the recent weakness in Hong Kong stocks. He pointed out that the profit foundation of hardware companies such as GPUs remains relatively stable, and the development of large model platforms relies on the support of related hardware products. Stocks like Tencent (700) and Alibaba (9988) are currently at relatively low levels and have long-term investment value, suggesting gradual accumulation. Looking ahead to this week, several large listed companies, including New World (017), HSBC (005), and Standard Chartered (2888), will release their earnings reports; additionally, the Hong Kong government's new fiscal budget will be announced on Wednesday; and the U.S. PPI data will be released on Friday evening, providing more guidance on the inflation situation